What we do Waaree Energies Limited is India's largest solar photovoltaic module manufacturer, engaged in manufacturing, solar projects, and power sales with a global footprint. |
Founded in 1,990 |
Market share Largest solar PV module manufacturer in India with 15 GW+ capacity; expanding globally with US and Middle East facilities. |
Problem solved Provides renewable energy solutions to reduce carbon footprint, increase solar power adoption, and enable energy transition worldwide. |
Top clients or who we serve Serves utilities, commercial and industrial clients, retail customers, and government entities (B2B and B2C focus). |
Key management Dr. Hitesh Chimanlal Doshi (Chairman & MD), Dr. Amit Paithankar (CEO), experienced leadership with strong industry expertise. |
Our journey and innovations Started with 30 MW in 2007; scaled to 15 GW by 2025 involving advancements in TopCon tech, US plant launch, and strategic expansions. |
Where we operate India, USA (Texas), Middle East, Australia, with exports to US, Europe, and other markets globally. |
Top products or what we offer Solar PV modules (mono, multi, TopCon), solar power projects, transformers, inverters, battery energy storage systems, green hydrogen electrolyzers. |
Top brands Waaree Solar Modules, Indosolar Modules, Waaree Transformers, Waaree Inverters, Waaree BESS Solutions – leading market positions in India. |
Raw materials needed Polysilicon, solar cells, wafers, electrochemical components for batteries and electrolyzers. |
Raw materials supplier Strategic investment in United Solar Holding (Oman) for polysilicon; diversified supplier base for cells and raw materials. |
Recurring vs cyclical contribution Revenue driven primarily from module sales and EPC contracts; growth supported by recurring maintenance and power generation segments. |
Our industry position Market leader in solar manufacturing in India; expanding in power infrastructure and emerging green hydrogen technologies. |
Financial highlights FY25 Revenue ₹14,445 Cr; PAT ₹1,867 Cr; 19% YoY revenue growth; improved margins and robust order book. |
Geographical revenue split ~83% India revenue and ~17% international revenue including USA and Middle East. |
Order book Robust order book of ~₹60,000 Cr with strong pipeline exceeding 100 GW capacity. |
Whats driving growth Capacity expansion, strategic investments in integrated tech, rising renewable demand, government incentives, and exports. |
Our future plans Capex of ₹25,000 Cr towards expanding module, cell, battery, inverter, and electrolyser capacities till 2027. |
Our green promise Commitment to 100% renewable energy sourcing by 2030 and net zero emissions by 2040 across scope 1, 2, and 3. |
Our people and values Diverse, skilled workforce fostering innovation, sustainability, ethics, and safety; employee stock option plans incentivize talent retention. |
Key challenges ahead Raw material price volatility, intense global competition, technology obsolescence risks, regulatory changes, and supply chain disruptions. |
Interesting facts First Indian solar manufacturer with 1 GW+ module production in a single month; awarded EcoVadis Gold Medal in sustainability. |
Risks and strategy Mitigates raw material risks via strategic investments; focuses on innovation and diversified product portfolio to sustain market leadership. |
